Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.004%

Price spread now: edgeX against Kalshi+0.007%7-day average −0.022% · you sell dearer than you buy

Net, funding: paid 7d − costs−$7as in the Funding arb table

Net, price: spread back to 7d avg − costs−$19as in the Price arb table

costs, in and out, $10k−$220.219% of the position

Long on Kalshi Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.152%+$15 on $10k

Price spread, last 7 days−0.052%−$5 · spread now +0.007%, 7d avg −0.022%

Together, before fees+0.100%+ Points / potential airdropedgeX: Active · farm board+$10 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and edgeX is 0.029% dearer against Kalshi than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.022%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXETHPERP	2,746.8	0	get 0.0000% / 8h	1h 50m	$7.2M	$661.2M	4.9x
Short	edgeX ETHUSDC	2,747	0.0100	get 0.0050% / 4h	1h 50m	$185.1M	$607.8M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX against Kalshi. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee KalshibpFee edgeXbpOrdersPrice spread, now +0.007%Rate

Funding earned: $21
Price spread: +0.007% → −0.022%: $2.9
Slippage, 4 orders: −$2.9
Fee Kalshi: 5 bp × 2 orders: −$10
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: $2
Costs to cover: 0.219%
Break-even: 6.3 days

Slippage from Kalshi: live order book, 2 min ago; edgeX: live order book, 2 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Kalshi live order book, 2 min ago	0.36 bp	5.8 bp −$6	7.2 bp −$72	11.3 bp −$1,133	17.5 bp −$8,752
Sell edgeX live order book, 2 min ago	0.04 bp	5.7 bp −$6	5.8 bp −$58	6.1 bp −$607	7.9 bp −$3,951

ETH on 54 exchanges

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hibachi ETH/USDT-P	−0.0112%	1h	2,746.8	+0.001%	$235K	$1.2M	20x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,749.4	+0.095%	$5K	$1K	50x	as long as short
ApeX Omni ETHUSDT	−0.0050%	1h	2,748.1	+0.047%	$8.3M	$25.3M	100x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0009% / S +0.0043%	1h	2,747.3	+0.018%	$12.2M	—	200x	as long as short
Phoenix ETH	−0.0009%	1h	2,748.5	+0.062%	$808K	$2.8M	25x	as long as short
Kalshi KXETHPERPlong	0.0000%	8h	2,746.8	long leg	$7.2M	$661.2M	4.9x
Perpl ETH	0.0000%	43m	2,748	+0.042%	$269K	$5.0M	8.3x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,747.4	+0.021%	$33.2M	—	200x	as long as short
Bybit ETHUSDT	+0.0008%	8h	2,746.4	−0.016%	$2.37B	$3.81B	150x	as long as short
01 Exchange ETHUSD	+0.0064%	1h	2,747.6	+0.029%	$182K	$915K	50x	as long as short

Show all 54 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0068%	8h	2,746.1	−0.027%	$1.67B	$9.22B	100x	as long as short
Gate ETH_USDT	+0.0081%	8h	2,746.6	−0.008%	$3.26B	$7.69B	200x	as long as short
Aster ETHUSDT	+0.0083%	8h	2,746.2	−0.022%	$257.8M	$719.3M	200x	as long as short
MEXC ETH_USDT	+0.0088%	8h	2,746.6	−0.008%	$1.60B	$2.34B	500x	as long as short
KuCoin ETHUSDTM	+0.0088%	8h	2,747	+0.006%	$365.1M	$440.7M	100x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,743.7	−0.111%	$4.9M	$215K	20x	as long as short
Binance ETHUSDT	+0.0088%	8h	2,746.4	−0.014%	$6.41B	$14.00B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,747.3	+0.018%	$113.7M	$384.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,748.5	+0.062%	$23.7M	$94.1M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,746.4	−0.016%	—	$23.6M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0096%	1h	2,747.3	+0.020%	$46.2M	$3.89B	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,746	−0.029%	$509K	$3.5M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,746.9	+0.005%	$14.6M	$95.9M	50x	as long as short
Pacifica ETH	+0.0100%	1h	2,747.8	+0.035%	$32.4M	$325.1M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,747.8	+0.036%	$2.8M	$14.2M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,748.1	+0.047%	$1.5M	$14.3M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,749.3	+0.090%	$164.5M	$330.2M	25x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,745.9	−0.032%	$2.11B	$2.30B	150x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,745.3	−0.055%	—	$18.5M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,746.4	−0.014%	$14.9M	$36.1M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,745.8	−0.035%	$132.4M	$287.5M	—	as long as short
edgeX ETHUSDCshort	+0.0100%	4h	2,747	+0.007%	$185.1M	$607.8M	100x
GRVT ETH_USDT_Perp	+0.0100%	8h	2,748.2	+0.050%	$159.9M	$69.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,747.1	+0.011%	$21.1M	$75.6M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,748.3	+0.055%	—	$348K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,748.6	+0.066%	$11.3M	$8.6M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,746.6	−0.007%	$177K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,746.4	−0.014%	$20K	$14K	25x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,746.8	−0.001%	$948K	$8.6M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,746.3	−0.018%	$61.8M	$121.6M	40x	as long as short
Deribit ETH-PERPETUAL	+0.0100%	1h	2,747.3	+0.018%	$266.9M	$184.6M	50x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,746.4	−0.015%	$1.05B	$1.04B	200x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,746.5	−0.011%	$263.8M	$56.4M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,745.3	−0.056%	$30.5M	$65.1M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0105%	1h	2,746.4	−0.014%	$82.5M	$272.9M	100x	as long as short
Aftermath Perps ETHUSD	+0.0108%	1h	2,747.9	+0.039%	$30K	$8K	20x	as long as short
Reya ETHRUSDPERP	+0.0156%	1h	2,745.5	−0.049%	$7.3M	$832K	25x	as long as short
Orderly PERP_ETH_USDC	+0.0174%	8h	2,748.5	+0.063%	$32.4M	$9.9M	100x	as long as short
dYdX ETH-USD	+0.0175%	1h	2,746.3	−0.018%	$15.2M	$42.6M	50x	as long as short
RISEx ETH/USDC	+0.0206%	1h	2,747.8	+0.035%	$5.7M	$10.6M	25x	as long as short
Hyperliquid ETH	+0.0254%	1h	2,750.2	+0.124%	$3.16B	$1.73B	25x	as long as short
BloFin ETH-USDT	+0.0356%	8h	2,746.4	−0.015%	$283.2M	$149.8M	150x	as long as short
Injective ETH/USDC PERP	+0.0461%	1h	2,751.5	+0.171%	$118K	$21.7M	52x	as long as short
Paradex ETH-USD-PERP	+0.0552%	8h	2,750.9	+0.148%	$16.0M	$6.2M	50x	as long as short